Silgan forms $7.3B metal packaging JV with AIP, acquires Trivium for $3.4B; gets $2.3B cash

SILGAN HOLDINGS INC

Trivium valued at ~$3.4B enterprise value: 7.1x LTM Adjusted EBITDA, or 4.8x including $225M expected synergies.
Silgan contributes Metal Containers and Food and Beverage Flat Cap Closures at $3.8B EV, or 8.1x LTM Adjusted EBITDA.
Silgan receives ~$2.3B cash to retire debt and retains 60% of Silgan MCC; AIP owns 40% and contributes ~$1.0B equity.
Combined Silgan MCC is a $7.3B global metal packaging business; deal expected at least 15% accretive to adjusted EPS and free cash flow.
Dispensing and Custom Containers will form wholly owned Silgan Dispensing Solutions; Metal Containers and closures move into the JV.

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